China saw a sizeable increase in its exports of services in the final month of 2020.
In December China’s services exports totalled 231.62 billion yuan (approx. USD$35.76 billion), for a YoY rise of 6.9% and the highest YoY increase in 2020, according to data released by the Chinese Ministry of Commerce (MOFCOM).
Intellectual property rights usage fee exports were 7.94 billion yuan, for a YoY rise of 76.6%, while individual cultural and entertainment service exports were 1.35 billion yuan, for a YoY rise of 46.5%. Transit exports totalled 50.97 billion yuan, for a YoY rise of 56.9%.
The COVID-19 pandemic nonetheless left a sizeable dent in China’s service trade in 2020. China’s full-year services trade totalled 4.56427 trillion yuan, for a YoY decline of 15.7%. Full year services exports were 1.93567 trillion yuan, for a YoY decline of 1.1%, while imports were 2.6286 trillion yuan, for a plunge of 24%.